Buy Crypto
Pay with
Top news
copy link
create picture

OTC Weekly Trading Insights (06/17/2022): Celsius ignites the market

2022-06-17 14:43
Full disclaimer: This platform includes third party opinions. We do not endorse their accuracy. Digital asset prices can be volatile. Do your own research. See full terms here.
  • TRX rises nearly 27% in the last 24 hours as Justin Sun injects over $2b to support its native stablecoin USDD, overall TRX is down 26.9% for the week.
  • CryptoAltum (a trading platform build by FX professionals) has added MATIC to its MT5 Trading platform.
Trade our top 5 weekly coins of interest here!
Convert Portal Volume Breakdown
  • Again this week's highest volume transaction was Crypto-to-Stablecoins with a share of 26.09%, a minor decrease of 0.08% compared to last. With the levels of volatility we are seeing in the market, it is no surprise that investors continue to pile into cash.
  • Second was Stablecoin to Crypto with a share of 23.01% increasing 1.05% from last week. At these levels long term investors will continue to dollar cost average, so it is no surprise that for the third consecutive week this volume has increased.
  • Once again Stablecoin swap is in the top 3 transactions by volume with a share of 22.13%, an increase of 1.06% compared to last week.

Overall market technicals

BTC: Bearish momentum continues

  • Last weekend, the support level we identified at $28,600 was broken as price retested the level before selling off aggressively, with the bearish momentum taking control. The mass sell off was triggered by the lending giant Celsius, as they spooked the entire market by freezing withdrawals on users assets.
  • Since then BTC formed a weekly range with support at $20,250 and resistance at $22,850.
  • We saw a midweek pump as the FED announced its biggest interest rate hike since 1994, increasing rates by 0.75%. Historically speaking, BTC has always seen extreme volatility during these meetings, with a short term rally to the upside.
  • As of now, BTC is trading roughly at the middle of the range. With macro events continuing to unfold, there is a lot of uncertainty around the space. With no clear cut direction in sight, BTC remains range bound.
  • On the other hand, if BTC fails to hold the current support at $31,250 we may potentially see a bearish retest with momentum shifting towards the downside.
  • Once again the BTC fear & greed index still remains at ‘Extreme fear’ with a value of ‘9’ this is the lowest it has been all year.
  • TRX was a coin of interest this week, as we saw an increase in convert portal volume of just over 12%
  • Since mid-May, TRX was trading in somewhat of an uptrending channel. Looking back at it, this was a textbook example of an ascending triangle with a few price deviations at resistance ($0.086). Accompanied by a decrease in volume (volume divergence) all factors were pointing towards the downside.
  • Following in BTC’s steps, the start of the week was accompanied by an extreme sell off for TRX as price dropped over 41%.
  • Since then TRX has formed a range between $0.065 & $0.048. Once again TRX’s next move will be depicted by BTC as the market remains extremely volatile.
Crypto calendar06/21/22 - ALICE full game release06/30/22 - AXS Land gameplay06/30/22 - ADA Vasil Hardfork06/30/22 - ARI10 Mobile app release07/19/22 - Ethereum Community Conference
Binance Execution SolutionsWhilst Binance Convert Portal and RFQ Block Trading is a great, simple way to execute trades across a wide range of Crypto pairs, sometimes this is not the most efficient method especially for the more illiquid pairs. Binance has developed a way round this by using agency execution algos that provides an intelligent solution to optimize execution.Our execution algos ​​facilitate the execution of large crypto trades while reducing average cost of execution and market signaling. Algorithmic execution is already widely used in traditional financial markets, with a majority of large-volume trades in the market executed via algo orders.Binance’s execution algos have been fully optimized for the cryptocurrency markets, executing your orders into smaller blocks with logic-based strategies. Order types include time-based (TWAP) and volume-based strategies. More information on our algos can be found here!
View full text